tv Countdown to the Closing Bell With Liz Claman FOX Business April 16, 2014 3:00pm-4:01pm EDT
>> i thought that was the house and spit it melissa: that we have got for you. i hope you are making money today. "countdown to the closing bell" with liz claman starts right now. melissa: fed chair janet yellen and richard fisher sounding off as we get the latest report on regional economic positions. and bounce back after the brutal winter? not yet in housing, but stocks score there third game this week? $6 billion surprise and not a good one. that is how much they feel they have to pay legal bills. wiping out the bank's profits last quarter. what can we expect from capital one, american express come morgan stanley and oldman sachs? telling us how it could all impact the bottom line.
from mustang to mercedes, ford with the big reveal, limited-edition mustang gt to celebrate the 50th anniversary. mercedes going zero to 60 in less than four seconds with a new vehicle. mercedes-benz ceo tells you how the automaker plans to stay ahead of bmw and audio the was. "countdown to the closing bell" revving its engines right now. ♪ melissa: good afternoon, everybody. just a second or two ago dow jones industrials hit session highs. last hour of trading, welcome to the show, we're glad you are here. we have comments from the fed chair janet yellen on keeping interest rates low for a long time and the latest fed beige book on economic conditions.
help and support what appears to be a broad-based rally. so far investors are showing more conviction for buying stocks than they have all week. opening higher for the first time in three sessions have stayed there without going into the red ink stock dunk tank. up 145 points now up 138 good for just under a percentage point game. s&p 500 highs of the session up 15 points. just slightly below that. check out the nasdaq highly session up 45, 4070. looking pretty strong, much better than we were at 3999 for the nasdaq. now the russell 2000. wbecause the russell 2000 up about nine points, just under 8%. remember last week pepsi losses? we are now close to gaining them all back.
also putting s&p 500 back in the black for 2014. the game started this morning before janet yellen and the fed started talking. starting with word china first quarter growth must a product better-than-expected 7.4%. china has been a weak spot so to see that helps the market, definitely. some texture on what the so-called beige book showed. the economy sighing after the little winter. individual names. yahoo one of the next reading the s&p 500. not so much on the own results, but member yahoo 24% stake, which is a chinese e-commerce site is a huge following. quarterly revenue surged 66%. also indicated he could file paperwork for highly anticipated ipo as early as monday. we still don't know what they
will list on. bank of america off session lows, struggling today down two and a quarter percent. after $6 billion in provisions smacked the company. we will dig deeper into the banking results coming on oldman sachs, morgan stanley, a bunch of names. back to the stampede, they can get some of the credit for the rally to janet yellen who showed she can learn pretty quickly how to watch what she says about when she and the federal reserve might consider tightening interest rates. she delivered no remarks on the economy today at the economic club of new york. but unlike where she offered a specific six-month timeline for the fed to raise interest rates after concluding the bond buying program the freaked out the market, she made sure to keep her comments broadly focused. you were there, she said don't
expect any kind of rights tightening for a couple of years? >> that is right. she was careful to keep her options open in this speech today. nothing in her speech or the fed beige book to knock off the policy course barring setbacks to the economy. starting to raise short-term interest rates. the fed funds rate, but not for perhaps a couple of years at least. >> return to full employment is for the first time since the crisis in the medium-term outlook of many forecasters. it is a reminder of how far we have to go that this long-awaited outcome is projected to be more than two years away.
>> saying a majority of the losses were speculative. they read the expansion was characterized at modest or moderate in eight of the 12 fed districts. the federal use this at the next policy meeting at the end of this month. melissa: i saw a bunch of people asking questions. it was interesting to watch all of this. >> those were the only to selected to give questions and you think it was a little bit scripted? melissa: i looked up and thought that is it. one economic headline the federal reserve is watching really stood out today. i was looking at industrial production, i want you to know where that matters to me. it means it is basically an indicator of the rate in which big factories are humming.
seven tenths of a percent last month. the percent of factory space in use, look at this. now at 79.2%. very close to 80%. that is the highest level in nearly six years since june of 2008 when we are in middle of the recession. so clearly manufacturing strength. keeping them open. this could help explain why caterpillar shares are up 13% so far this year. we have traders at the new york stock exchange, cme group and the nymex. i find industrial production very interesting. i'm a lot of people don't, but it relates to big industrial stocks and of course manufacturing and lo and behold we have a solid bull rally today. >> it is one of those who numbers in the economic data
that we parse through a yearly basis of people do not pay attention to. 80% is the magic number because once we get above that, people need to invest in capital to retool their factories. they cannot squeeze another ounce of productivity out of the existing equipment. solicit positive what we see. i gets up a little too high, we possibly could slip into a recession because break down. as a happy medium everybody should look at that number on a monthly basis but you're right, that is partly what is fueling this rally here. >> when we hit 84 capacity utilization. i bet you we see a major rally because the thought will be the clouds have cleared, so what happens to treasuries which has been interesting plays lately. people coming into bond funds
again. >> that has been the killer of the year. guessing interest rates would continue to fall. as long as money keeps chasing them, it will keep doing that at this point in time. but i do agree number one the meeting was today. the way she answered the questions, all that you can get out of the actual meeting is she stumbles and i don't think she will. i think today's rally is because of that. people are forgetting there was a lot of protections back in the 18 and a quarter area. it has held. now can it add a leg or are we going into a trading affair? i think we will bias into a trend up or down in a big way. melissa: she can just re-cu re-r comments from today. at the nymex, metals got hammered, but today we see just a little bit of money going back into them.
are you inspired i this or the simply oversold? >> we ran some stops on the way down and got to that number from the june contract. still a little bit of a premium of the russian, ukrainian situation. with that, low volatility in the market. i think gold will drift a little bit lower. you think gold would get a little bit softer against that. melissa: i want to quickly mention we seen crude oil lower, well above $103 per barrel. thank you so much for joining us on the floor show. i'm glad he agreed with me about industrial production. fingers extended to a lot of different sectors where starts to look good. the closing bell ringing in 49 minutes. banking earnings have been all over the map. halfway through the reporting season.
coming up, top banking analyst, he scrutinizes it lunch of the namemess, he is going to help yu make sense of all of these very different numbers and if the regional banks are better bet than the wall street giants. you own financial summer in your portfolio. i guarantee you. i've always kept my eye on her...
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xfinity...the future of awesome. melissa: bank earnings season in full swing with four major banks reporting does today. bank of america grabs a lot of the attention here in particular because it did surprise investors with the first quarterly loss since 2011, and it was due to a charge, a one-time situation, a $6 billion legal charge. the nation's second-largest lender for a big banks that disappointed investors this quarter along with jpmorgan and credit sweep. so is it time for investors not necessarily dump the big guys, but turn their attention to smaller names in the portfolio. how about the regionals. our next guest says regionals are taking over your money capital. claimant now, global director of
research. i have an watch the regionals. we have smart people on to say watch the regionals but earlier this week some reason you know what, not relate to cap that much mortgage business projected by the bigger names. why do you feel the way you do about regionals right now? >> regulation. every year the fed is making it tougher and tougher on the biggest banks. at the same time, underneath all that you have these banks underneath 50 million assets have a lot more leeway. dividend increase in, a lot of action. every creation of very strong regional banks. it is not always the best value, but in terms of action banking. melissa: pnc came up with numbers, 6.5%, a very nice move. hard for me to see them as
regional, but there is real strength. are there specific names you feel we will see real opportunity for investors watching right now? >> writes now on the big side, this quarter is separating the haves and have-nots. you are seeing those who can get forward earning estimates going up are doing well. wells fargo, pnc are the two big names. whoever those earning estimates rollover, bank of america and others, jpmorgan of course are tougher. take a look at the names may not hear all the time. colombia up in the pacific northwest. a number of banks across the country underneath of that. they are doing a lot of exciting things. melissa: private bank core just about flat.
to your point it really underscores what happened with bank of america $6 billion legal fees, the regulation hammering some of these. goldman sachs, morgan stanley. these guys have worked very hard the past couple of years to get the drama behind them. can they with this quarter's numbers? >> if you look at the earning estimates, they have been coming down and down getting closer to the estimates. the trend has been treated so that smith coming to earnings the capital market areas on a year-over-year basis are tough. we have these execution facilities that came in. continued record try pressure on the market activities of the big banks. melissa: if you in one piece of advice to give investors would like to get more entrenched in financials, what would it be writes now?
>> stick to domestic, those who can grow loans because ultimately that will drive earnings. melissa: we love you, fred. tell them we said hi. >> i will do that. liz: liking the regionals. put the fox fans on foxbusiness.com/liz claman. the closing bell in 41 minutes. we have breaking news, exclusives on the fight over herbalife. billionaire investor fight to turn up the heat even further. guess what, he has more breaking news that just came in a few moments ago, coming down with exclusive details. mercedes-benz roars ahead after the best quarterly sales numbers ever? how bad can he come to be if is crushing it? helping to send off very strong
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liz: here are the dow jones industrials, take a look at american express, it is one of the stronger names on the dow up more than a percent at the moment. we have earnings. ibm in the red down just a quarter of a percent, $0.52 off the share price. coming out with numbers after the bell. seven quarters in a row to have struggled on revenue. we need to make sure you watch that, it is a widely held stocks. new york attorney general says the nations from bill lachman had absolutely no impact on any decision they did to his actions against herbalife.
charlie is here now. now what? charlie: you should point out one of the most powerful law enforcement people in the country has launched the vessel investigation into herbalife essentially claims it is a pyramid scheme, the company will fall apart, the stock will go to 01 reasons why is you get a lot of distributors, you don't sell lot of product. at some point the distribution money dries up. at the same time we went out, we found out bill lachman is a good friend, axa gave him $30,000 of campaign contributions. that is one of the biggest in terms of individuals, one of the bigger campaign contributors. he gave two other candidates, democratic candidates running
for that office. the cynic in me, because you want to influence that office. not bad to be gettin giving mono the people running that office. they go after companies. that is where we are right now. too many we put in a statement from him where he essentially denies that there is any political calculation errors. the decisions on which cases to pursue are made solely on merit of each case based on the fact. i think it is fair to say with that office there is less of a formal set of circumstances. pretty clear he's looking at this. i want to pivot.
he had this saying, but in context at least, gets the fbi. the fbi recently launched a probe. they are not quite at the point with grand jury or subpoena the company at least as of earlier today. what we want to point out is why is the fbi following his lead on this thing and essentially probing his allegations that it is a pyramid scheme? i spoke to several law enforcement sources very close to the fbi, doj, southern district of new york, u.s. attorney. they all mimicked the same words that the office is essentially worried about missing another bernie madoff. a scam brought to their attention. that is not that they are saying
herbalife is a ponzi scheme where you steal money, but the similarity is a pyramid scheme is not a ponzi scheme. this distributors and drying up. they're worried about the similarity is this, bernie madoff was flagged to regulators, they looked at it, he was somebody that was around for a long time, because he was around for a long time they did not properly evaluate it. liz: we talked about this. charlie: herbalife as we found out, they did donate to the democratic ag association. the reason you get the attorney
general's is there much more active. that is just what they do. they're much more activist in terms of how they prosecute, they are much more fair business work. liz: sometimes business doesn't work the way it should. >> and they get away with murder. i would say with this story, when you give money to an attorney general, it does have impact, that is my opinion. the fbi is an investigation, probe, they are looking at this thing into herbalife primarily because the ghost of bernie madoff, worried of missing something that was flagged to them. who knows what they told the justice department. if that is the situation. liz: thank you.
we would love to have him. the closing bell ringing in about 30 minutes. we introduce you to the 2015 ford mustang in december. now a special limited edition of the pony car on the way to celebrate the 50th anniversary. we will tell you all about it, show it to you next. and talking to mercedes-benz ceo about the luxury automakers brand-new coupe. did you know there outpacing regular car market? i think you need it. will they help mercedes stay ahead of bmw in the luxury car market? coming up.
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. liz: we're not at the height of the session, we're looking good. numbers holding. never dipping into the red today. earnings action will intensify after the bell with a deluge of big names reporting results that could possibly move the entire market tomorrow because adam shapiro, ibm and amex are big, big names as well as google. >> they are the biggest of the big, liz, let's start with google. you got a company that the street is expecting to show earnings per share of $6.41 of revenue of 5.4 billion. street is expecting 10% jump in revenue. watch wa they're paying partners for advertising. but in the fourth quarter,
their year over year increase in revenue was 31%. whether they can sustain that, we'll have to see what they can do. ibm, take a look at big blue, unable to grow revenue in the previous seven quarters. revenue from china fell 23% in the fourth quarter last year. ibm street expecting shares of 2.52 cents. trying to compete in the cloud, trying to see if they are making inroads on that. american express, earnings per share, expecting $1.30. revenue of 8.6 billion. the volume of transactions is key to ibm. it accounts for 60% of their revenue and greater than 50% of the volume is right here in the good old united states. let's see if they can keep doing that. it doesn't hurt they have a buyback program of shares up to 5.4 billion that will be completed this year. we'll be watching it for you. liz: we'll be all over it.
i need our viewers to know the second the numbers come out. thank you, adam shapiro. this is a car that don draper would definitely have driven in the 1960s if it existed. jon hamm who plays the anti-hero on the hit tv series madmen got to unveil the new mercedes s63 am g4matic coupe today. they schmoozed and pulled off the curtain. the new super car mercedes hopes will help it stay ahead of audi which has shown muscle, along with bmw. joining us now from the new york auto show, steve cannon, mercedes-benz usa ceo as well as our very own, jeff flock. take it away. >> it was so good to see don draper in the flesh. look at this car, a63 amg coupe.
like there was any doubt luxury is back and reincarnation to the 60s in great economic time. that's what you feel right now? >> absolutely, luxury changes with every decade, this is our crowning achievement for us, for us, the s63 amg coupe is the most beautiful car we've put on the road. you combine it with intelligence systems and raw power. that's what amg stands for. >> you are planning all kinds of new models, you see the luxury space as ripe for expansion. >> absolutely. we're in the front end of a significant product expansion. the biggest in our history. 30 new models over the course of the next seven years until 2020, luxury is alive and well, recovered on the recession. we see confidence coming back into the system through 2020. >> and liz, you know, you see this all over the show. it's amazing. liz: yeah, i agree with that. and it's interesting because in a way, the strength of the
luxury car market which is, it's a fact, outpacing the regular car market, you just made a pretty dramatic comment on the entire economy. somebody's got to have money to pay for these things. i'm dying to know, first of all, the price? >> well, you know, we lost a lot of wealth in the downturn, all of that has been recovered. there's a lot of money sitting on the sidelines for several years. what was missing was confidence, the confidence is coming back into the system and what we're seeing is strength up and down our lineup. so the amg lineup which is generally a pricey group. this is over $100,000. our sales for this year are up 74%. our s-class model, our flagship, up 75%. not just about small or medium sized cars, the top of the mercedes-benz product palette is enjoying great growth. >> i got to know why, you know, mercedes was thought as being the tired luxury brand. bmw was where it was at.
you guys are back in a big way. how did you do that? >> mercedes-benz absolutely has mojo and always about -- it's always about product, and we've invested in product up and down the lineup. the all new cla which we launched last time we talked, bringing new buyers into the franchise. 80% of the people who bought a cla are new to mercedes-benz. not just about small cars, we're expanding with convertibles, truck, high end cars, it's an embarrassment of riches. liz: the stock has responded nicely, the daimler adr up 178% over five years. when jeff brings up bmw, my inclination is to bring up audi, audi rocked it, jaguar is fighting back, they put in a big marketing push. but i need to know how you look at tesla? at what point will you, if at all, try and come up with an
electric vehicle that is certainly something that's interesting for people who would rather be a little more green? >> look, zero emission on all of our agendas. we are launching a full electric mercedes-benz, the b-class in july. we're in the game with an all-electric starting this year. and we're going to see that expand over the years to come. tesla was out there with a great product execution, but everyone else is going to be doing that as well. liz: great to see you, steve. >> okay, liz. liz: i don't know, jeff, i want one of the suvs, i like the suvs over there. >> oh! you could use that. liz: i could use that. why not? steve cannon, mercedes-benz usa president and ceo along with our own jeff flock at the new york auto show. we've got about 19 minutes before the closing bell rings. the bulls solidly in control. yes, the markets are closing at 4:00 p.m. eastern. we're getting so many earnings out after the bell. i'm always on call for you. if you miss it, you need to
simply do this, go to foxbusiness.com/on-call, sign up for clamman on-call. so many people are rocking this, thousands have signed up for it. everything you need to know especially late breaking stuff delivered right to your smartphone. and coca-cola signature soda products continue to just lose popularity. how bad is that for the beverage giant's bottom line? and is it worse than the investor who raised his voice to alarm fellow shareholders and executive compensation, david winters of winters green fund is joining us to give us an update on his battle with coca-cola since the earnings came out. stay tuned.
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liberty mutual insurance -- responsibility. what's your policy? . liz: we want to show you sodastream going into the close up 8 and a third%. i never have bought another bottle of pell greeno for $5 again. sodastream may put up a portion of company for sale. i believe that's the news. striking a deal recently with all kinds of opportunities and sodastream is somebody to look at, at the moment. i bring up sodastream. in just a moment, we're going to have david winters of wintergreen fund, a thorn in the side of coca-cola coming on live in just a minute. want a hot car with a retro look with the modern day power of engineering. fourth limited edition mustang gt might be the answer. ford unveiled the new pony car at the new york auto show to
celebrate the mustang's 50th anniversary, only 1,964, get it? 1964? 1964 was the year mustangs went on sale. the limited edition mustang comes in two colors, white and blue. a faux gas cap on the back just like the original. the new unveiling comes a few months after alan mal aily was here outside fox business studios showing off the new 2015 mustang that came out. a fascinating moment for us. >> do you love it? >> i love the color. this is amazing. >> racing red. >> racing red. we were saying candy apple red. tell us about the brand new unveil of this. >> this is unbelievable, liz, this is the 2015 mustang. and 50 years ago in new york city at the worlds fair, ford revealed the very first mustang. it changed the world as you
know. liz: alan mallaly changing ford, coming up, he brought on the ford man of the hour, could maybe be ford's next ceo, chief operating officer mark fields. the interview you have to see mustangs and much more in the next hour from the new york auto show in "after the bell." i want to get back to coca-cola. in just a week, we're going to see something that happens here, a shareholder meeting, and while many coca-cola investors may be on a sugar high after strong earnings yesterday, one investor who says in effect, fizzle down. here with us now to explain why you think shareholders get a raw deal still from coca-cola, after coke put out a response to david winters is david winter, wintergreen fund portfolio manager. this is our first opportunity to talk to you since the earnings came out. they were decent, good, the stock responded positiveively. do you plan to battle the compensation plan next week? >> the key thing is coca-cola
is a good company with really good prospects over the long-term and have a bad equity plan which dilutes shareholders and diverts cash flow in the future from the shareholders to sopping up the dilution. there's a distinction, it's a good company with a bad plan. and we'd like them not to have the plan, it would be better for shareholders. >> are you seeing anybody join in the fight? we're not hearing about a lot of shareholders. you have about 2.5 million shares. tell me, are you hearing people say i'll join you publicly or keeping quiet about it? >> well, there's a group that have come public, it's not a formal group, but there is omers in canada have come out and a couple of others, and we heard from a lot of people privately who are unhappy about this, because really what it does is reduces your interest in coca-cola. so the future can't be as good just mathematically. and that's what we're upset
about. liz: well, coke was upset that you said what you said, in fact, they did give us a statement last week or when you started to make a lot of noise about this. and in fact, i just wanted to get your comment on one thing they said, they said that they have no changes to their pay practice. in fact, they said 20914 equity plan is in line with past plans approved by the board of shareholders and say equity compensation is performance based. if the company does not perform, no compensation is realized. isn't that enough for you? >> no. because it doesn't actually fit with the facts, liz. the new plan, the 2014 plan that's proposed, instead of having a six year vest period has a four year vest period with more shares. and, in fact, the performance-based metrics that they're using, they've reduced thosemetrics over the last couple years, they bumped it up a little bit but not as high as it has been.
they made it easier for management to get paid. we believe everybody should get paid if they do a good job, but you know, the shareholders have to win, and here the shareholders are getting diluted and the metrics with which management is judged have been reduced, which we are concerned about. liz: i actually talked to a private shareholder who has more than two million shares, doesn't want me to reveal his name. he's with you, not necessarily for the reasons, he feels most company ceos are overpaid. i covered muttar kent closely, he lives for the company, he is not just the ceo, he's the ambassador for the brand. his personal life over 30 years has been on hold because of coke. he travels all over the world to try and promote the brand. isn't that worth something, david? >> we think muttar kent is a personable guy, he's a great ambassador for coca-cola. there's a question of which,
when you have 16.6% dilution, it's excessive. and ceos should be well paid. everybody who does a good job should be well paid. at some point when it comes out of shareholders' pockets it reduces the return, and the problem with the coke plan is then it has the potential to spread throughout america, and it will reduce returns for all investors. liz: speaking -- >> we're concerned about this. liz: speaking of concerns, wintergreen fund actually beats the emerging market benchmark over five years, over one year, you do manage to pick winners here, consistently. let's get people your two new picks today. you like galaxy entertainment and genting? >> it is based in kuala lumpur, run by a family very shareholder oriented, give or take 40% of net worth in the
stock, and they've managed to grow from a small company to a large global company. liz: what do they do? >> tremendous respect for them. and galaxy is in the gaming business, they started again very modestly, as many chinese companies have, and grown to be a huge success in the cow, and they have a land bank bigger than anybody else. there's a lot of money and reasons to be optimistic. and you know, coca-cola is part of that equation, they are everywhere. liz: up another percent, it's widely held. and at $40 and change, $3 away from the 52-week high. the shareholder meeting is in a week, you'll be there? >> i don't know if i'll be there, certainly we'll be there in spirit and cheer everybody on. we think that coca-cola is a great company. it's just they've got a bad equity plan and wish they would withdraw it and come up with something a lot fairer to shareholders and management.
liz: david, we appreciate you coming on. thank you very much. >> great to see you, liz. liz: keep us posted. david winter, the wintergreen fund portfolio manager. closing bell five minutes away, google, american express and ibm earnings coming out. we'll get them to you the second they come out. stay tuned. mine was earned in korea in 1953. afghanistan, in 2009. orbiting the moon in 1971. [ male announcer ] once it's earned, usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protecon. and because usaa'commitment to serve current and former military members andheir families is without equal. begin your legacy. get an auto insurance quote. usaa. we know what it means to serve.
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[ bell ringing, applause ] five tech stocks with more than a 10%... change in after-market trading. ♪ all the tech stocks with a market cap... of at least 50 billion... are up on the day. 12 low-volume stocks... breaking into 52-week highs. six upcoming earnings plays... that recently gapped up. [ male announcer ] now the world is your trading floor. get real-time market scanning wherever you are with the mobile trader app. from td ameritrade. liz: we've got a stock alert. we're talking a broad based stock alert. we are at the highs of the session. going into the 3:00 p.m. eastern hour the nasdaq was up 45 points. take a look now, up more than 50 points. the dow jones industrials forging ahead. >> on light volume today.
traders would like to see more volume. major earnings reports coming out. >> liz: let's get to adam shapiro. he is on floor of the new york stock exchange. mixed picture ahead of results here. >> it's a mixed picture. talk about the good stuff first. google, price hitting what was it, $560 for the daily high. trading up 3% going into the closing bell. the street expecting a 10% jump in revenue. when we get numbers for ibm. that is different story. they haven't grown revenue in last seven quarters. ibm is trading down. >> adam, yahoo! seeing big gains following their release. >> yahoo! doing very well. up 6% trading
there will be billions of dollars flowing into yahoo! investors like that. [closing bell ringing] liz: as we close out the session, bank of america down 1 1/2%. of course they swung to a loss today when they came out with their numbers. the bells clang on wall street. the bulls took hold as soon as markets opened and never let go. look to see how stocks are finishing up. dow jones industrials at highs of session, a strong 161-point gain. nasdaq up 52 points, sanding at 4086. two days ago it was below 4,000. "after the bell" starts right now. liz: i'm just checking, waiting on ibm, axp. they're not out just yet. google as well and those will be googl shares. those are the